Crescent Properties borrows $10M from Dime Community Bank for property in Forest Hills

Crescent Properties through the entity 107-18 Realty, LLC as borrower signed a loan agreement with lender The Dime Community Bank valued at $10.1 million for 2 parcels, including the tax class two-story or store and office (K2) at 107-19 71st Avenue, 107-18 70th Road in Forest Hills. The deal closed on February 7, 2019 and was recorded on June 23, 2020.
The property has 91,006 square feet of built space and available development rights.
The average loan per buildable square foot is $111.
The debt was reduced from the original loan value of $11.5 million. The signatory on the loan was Edmond Nassim.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $215,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link